Ethereum Faces Resistance Near $3,150 Amid Recovery Attempt

Ethereum Price Update

Ethereum's price dropped below $3,050, reaching a low of $2,941.
The asset is currently trading under $3,120 and the 100-hourly Simple Moving Average.
A bearish trend line presents resistance at $3,150 on the ETH/USD hourly chart.
If Ethereum fails to surpass the $3,150 resistance, it may continue declining, with key support at $3,065.

Market Analysis

After failing to maintain above $3,200, Ethereum entered a bearish zone similar to Bitcoin. A recovery attempt is underway, but significant resistance lies at $3,150, aligned with the 76.4% Fib retracement level of the recent fall from $3,217 to $2,941.

Ethereum Price

Potential upward moves could face hurdles at $3,220 and $3,250. A breakthrough past $3,250 might propel Ethereum toward the $3,320 mark, with further gains possibly extending to $3,450 or even $3,500.

Technical Indicators

MACD shows decreasing bearish momentum for ETH/USD.
RSI for ETH/USD is above 50, indicating potential recovery strength.

Key support levels are $3,065 and $3,020. If these supports fail, prices may drop to $2,950 or lower.